Legendary trader Peter Brandt predicted a possible $500 billion market cap for payments-focused cryptocurrency XRP (CRYPTO: XRP) on Monday if certain trading patterns come to fruition.
What Happened: Brandt, a seasoned technical analyst with nearly 50 years of experience, highlighted the significance of XRP’s ‘half mast flag’ trading pattern in an X post.
“Half mast flags should complete within six weeks, otherwise they should be viewed with great suspicion,” Brandt said.
He cautioned that if the pattern is not completed in this timeframe, it could morph into “something else,” hinting at an uncertain outcome.
“But if it completes, then a market cap of $500 billion is possible,” the veteran trader predicted.
A half-mast flag is a price pattern in which a sharp price movement, whether rise or dip, is followed by a sideways movement. In the instance of XRP, the coin has increased nearly fivefold in the last two months, and by more than 18% in the last week.
If conditions laid out by Brandt are met, it would mean a 262% surge from XRP’s current market capitalization of $138 billion.
See Also: ‘Pharma Bro’ Martin Shkreli Predicts Liquidation Doom For MicroStrategy Amid Fall Below $300, Says Bitcoin Will Hit $250K Without Michael Saylor
Why It Matters: Brandt, a long-time XRP critic, has acknowledged the bullish indications in XRP’s trajectory in recent weeks, even referring to its chart as the “most powerful.“
Leading cryptocurrency analyst Ali Martinez joined the bullish bandwagon, predicting a 470% surge for XRP. The optimistic target was set after the supertrend indicator, a popular technical analysis tool, flashed a “Buy” signal.
XRP has reaped the benefits of Donald Trump’s election victory-fueled rally, leading the coin to finish 2024 on a high.
Brad Garlinghouse, CEO of Ripple Labs, a company that uses XRP for its operations, said that the company’s hiring and business deals have become U.S.-centric following Trump’s win.
He revealed that 75% of open roles are now based in the U.S., a stark contrast to the previous four years.
Price Action: At the time of writing, XRP was exchanging hands at $2.41, down 0.25% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
